Business

To mark Armed Forces Remembrance Day, the Nigerian Consumer Credit Corporation (CREDICORP) has kicked off a consumer credit fund for personnel of the armed forces.

Champion Green Funding Utilities Plc has announced the convening of an Extra-Ordinary General Meeting (EGM) to broaden its business scope and operational capabilities within the energy sector.

The Central Bank of Nigeria (CBN) has introduced two new digital solutions aimed at improving efficiency and modernising operations: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. Unveiled on Wednesday at the bank’s headquarters in Abuja, these tools are part of the “Digital First” initiative launched in December…

Amid efforts to increase capacity for Nigerian airlines, Afreximbank has agreed in principle to collaborate with Nigeria on aircraft financing. The Director and Global Head of Project and Asset-Based Finance, Helen Brume, disclosed this at a meeting facilitated by Boeing's Senior Director of Finance, Lereece Rose, during the ongoing Aviation Economic Conference in Dublin, Republic…

Borno Governor, Babagana Zulum, has issued a stern warning to farming and fishing communities in Baga against collaborating with Boko Haram insurgents. The governor described such acts as a significant threat to peace and stability in the region. Zulum gave the warning during his address to residents at the palace of the District Head in…

Oil prices climbed above $81 per barrel yesterday, following the release of the latest Monthly Oil Market Report (MOMR) by the Organisation of Petroleum Exporting Countries (OPEC) and projections by Energy Information Administration

Amid several undelivered text messages, also known as SMS, in 2023, telecommunications subscribers in Nigeria spent N44.7 billion to exchange messages digitally across the networks.

E-hailing drivers, under the aegis of the Amalgamated Union of App-based Transporters of Nigeria (AUATON) have called for a Federal Government framework to regulate the business across the country that will take care of the interests of drivers.

Nigeria is making significant efforts towards revitalising its economy by investing in cutting-edge research and innovations and the Tertiary Education Trust Fund (TETFund) is not relenting in this direction.

The Chairman, Senate Committee on Aviation and Aerospace Development, Sen. Abdulfatai Buhari, has said the Nigeria insurance industry bill, 2024 will attract global investment to the nation when passed into law.

The Nigerian equities market yesterday, extended losses for the fourth consecutive session, as investors’ wealth declined further by N931 billion, amid price depreciation in 39 stocks.

President Bola Ahmed Tinubu has reiterated Nigeria’s commitment to transitioning towards sustainable energy, emphasising the need for global collaboration and increased investment in green energy initiatives.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, has urged the Federal Government and the Central Bank to suspend monetary policy tightening and interest rate hikes to reduce business operating costs and rescue the economy.

Some economists, shippers, and importers have condemned the National Assembly’s proposed N12 trillion revenue target for the Nigeria Customs Service (NCS) in 2025, warning of devastating consequences for international trade, local industries, and consumers.

FIRST City Monument Bank (FCMB) has appointed Felicia Obozuwa as Executive Director, Corporate Services and Service Management, following approval from the Central Bank of Nigeria (CBN).

The Economic Situation Room, a coalition of 48 civil society groups in Nigeria, has warned that the Federal Government's failure to release funds for completed contracts under the 2024 capital budget is having a devastating impact on businesses and the economy.

Nigeria's galloping food inflation eased to 39.84 per cent in December 2024 from the 39.93 per cent recorded in November, according to the Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS). The NBS also reports that December headline inflation rose marginally by 0.20 per cent to 34.80 per cent from…

Nigeria’s galloping food inflation eased to 39.84 per cent in December 2024 from the 39.93 per cent recorded in November, according to the consumer price index (CPI) data released yesterday by the National Bureau of Statistics (NBS). The NBS also reports that December headline inflation rose marginally by 0.20 per cent to 34.80 per cent…

The Kano State Police Command has announced the arrest of a female-led syndicate of thieves. According to a post on the official X account of the Kano State Police Command, Shamsiyya Adamu and her partners in crime were on Tuesday arraigned before a Chief Magistrates Court 18 Gyadi-Gyadi for criminal conspiracy, trespass and theft. The…

The Federal Government has reiterated its commitment to enhancing collaboration with indigenous oil service providers as a critical strategy to boost crude oil production and drive the growth of the oil and gas sector. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., made this assertion during an inspection of Geoplex Oilfield Services…

The dearth of key infrastructure in several sectors of the economy has continued to limit Nigeria’s growth potential and worsened the state of local manufacturing, a sector faced with many problems.

Telecommunications operators have been authorised to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions due to unpaid debts. This directive was given by the Nigerian Communications Commission (NCC) in a public notice, Wednesday, signed by the Commission’s Director of Public Affairs, Reuben Muoka. The NCC said affected banks must settle…

The United States and Nigeria have entered into an agreement that will facilitate a grant of $2,095,000 to assess the viability of the deployment of the 90,000 kilometres of new fibre optic backbone infrastructure across Nigeria.

A new report by Bloomfield said electricity tariff reviews are mostly due in 2025 as the power sector grapples with persistent liquidity challenges, economic volatility and consumption subsidies.

The Federal Government may delay the rehabilitation of the dilapidated Tin Can Island, Apapa, Onne, Warri and Calabar seaport facilities, going by zero allocation for the projects in the 2025 budget.

The bears sustained dominance on the equities sector of the Nigerian Exchange Limited (NGX), yesterday, as market capitalisation declined by N1.1 trillion amid selloff in 41 stocks.

To sustain the momentum of new listings achieved in 2024, shareholders have stressed the need for the government to adopt strategic initiatives that promote economic growth and infrastructure funding.

Rwanda’s Minister of Infrastructure, Dr Jimmy Gasore, has called for cooperation and innovative financing to enable Africa to drive energy transition.

Nigerian shipowners and other global shipping countries are set to pay a yearly global greenhouse gas (GHG) emissions levy to help achieve the International Maritime Organisation’s (IMO) goal of net-zero emissions by 2050 or sooner.

Samuel Ojerinde, the Co-founder of Fintava, a leading banking-as-a-service platform, has predicted that Nigeria's card payment sector will experience significant growth in 2025, fueled by the country’s ongoing transition to a cashless economy. Ojerinde explained in a statement that this surge would be driven by a combination of global trends, supportive government policies, and an…

The Chairman of Mercury Maritime Concession Company (MMCC), Rear Admiral Andrew Okoja (rtd), has called on President Bola Ahmed Tinubu to intervene and accelerate the issuance of the revalidation letter required to secure financing and commence the development of the $27.29 billion Escravos Seaport

The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC) have signed a memorandum of understanding (MoU) aimed at enhancing consumer protection

Nigeria has been advised to integrate canine operations into the maritime sector to safeguard ports, vessels and coastal areas against terrorism, smuggling and piracy threats.

Interswitch Group has reaffirmed its commitment to nurturing innovation through its participation as a platinum sponsor of the InnovateAI Conference for the second consecutive year.

The Nigerian Railway Corporation (NRC) has been allocated N8.52 billion for the purchase of trains in the 2025 annual budget of the National Assembly.

Intra-African trade’s value has declined to $190.9 billion, demonstrating persistent challenges the regional economies continue to face in trading with one another under the continental common market, blamed on both tariff and non-tariff barriers.

The Minister of State for Industry, John Uwan-Enoh, has stated that the under-development of Nigeria’s cocoa industry is a direct result of its politicisation, lamenting the underdevelopment of the cocoa industry despite the country’s abundance of cash crops.

Determined to continue to foster sustainability in Nigeria, Ecobank Nigeria has unveiled a new art installation, Kong in a Cage, by artist Toyeeb Ajayi.  The installation, made entirely from recycled materials, is now on display at the Ecobank Pan African Centre (EPAC) on Ozumba Mbadiwe, Victoria Island, Lagos.   This thought-provoking piece, which reflects on humanity's…

The West Africa Container Terminal (WACT)-APM Terminals Nigeria has donated solar power systems to two primary healthcare centres (PHCs) in its host communities – Onne and Ogu in Rivers State.

The President of the Badagry Chamber of Commerce, Industry, Mines and Agriculture (BACCIMA), Yahaya Oladiran Idris, has called on the Federal and Lagos state governments as well as the promoters of the Badagry Deep Seaport, to resolve outstanding issues delaying the project.

The Kebbi State Police Command officers have rejected a N1 million bribe offered to them by some suspected members of the Lakurawa terrorist group. The state’s police spokesperson, CSP Nafiu Abubakar, made this known in a statement on Tuesday. Abubakar identified the three suspects as Umaru Garba, 53, from Dangandu village; Alhaji Abubakar and Alhaji…

Bearish sentiments persisted on the stock market on Tuesday, making investors incurred a loss of N1.1 trillion. Selloffs in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), Dangote Sugar and United Capital, among others, declined equities further drove the market to a negative terrain. Specifically, the market capitalisation of listed equities, which opened…